Coinbase has listed Paypal’s PYUSD stablecoin, following an announcement of its support for the digital asset just a day earlier. Should liquidity requirements be satisfied, the exchange plans to introduce trading pairs for the asset in stages.
Coinbase Adds PYUSD Stablecoin
Coinbase, the prominent cryptocurrency exchange headquartered in San Francisco, has incorporated Paypal’s dollar-tied token, PYUSD, into its offerings. The firm broke the news on Wednesday, mentioning that trading would commence at 9 a.m. PT on Thursday, provided “liquidity conditions were met.”
“Once sufficient supply of this asset is established trading on our PYUSD-USD trading pairs will launch in phases,” elaborated Coinbase. “Support for PYUSD may be restricted in some supported jurisdictions.” The exchange also emphasized that PYUSD operates as an ERC20 token on the Ethereum network, cautioning users against transferring the asset through alternate networks to avoid potential losses.
According to a recent Bitcoin.com News report, PYUSD’s supply experienced a spike leaping from 26.9 million to 43.3 million PYUSD. However, despite the recent addition to Coinbase, PYUSD’s activity remains limited, recording merely 1,587 transfers and boasting 388 holders. As of 12:30 p.m. ET on August 31, the exchange’s web portal says PYUSD can be acquired via Coinbase.
Our report on PYUSD highlighted that other digital currency platforms, such as Crypto.com, Uniswap, Gate.io, Bitmart, and Bybit, also support the token. On Thursday specifically, a labeled Coinbase wallet possesses around 1,005,467 PYUSD, ranking it as the fifth-largest PYUSD wallet as of August 31. This means the Coinbase wallet accounts for approximately 2.3221% of the total supply of Paypal’s stablecoin token.
What do you think about Coinbase listing Paypal’s PYUSD? Share your thoughts and opinions about this subject in the comments section below.
On August 29, the publicly traded bitcoin mining entity, Iris Energy, revealed its acquisition of 248 Nvidia H100 graphics processing units (GPUs) at a cost of $10 million. While the company emphasized that its primary focus remains on BTC mining, it views generative artificial intelligence (AI) as an enticing “additional opportunity.”
From Bitcoin Mining ASICs to Nvidia GPUs — Iris Energy Expands to Offer AI Services
As generative AI gained momentum in the early 2020s, tech giants such as Microsoft, Google and Baidu ramped up their investments. However, by 2023, the technology saw an even more pronounced surge.
Generative AI involves artificial intelligence (AI) systems that create new content — be it text, images or video — grounded in their training data. Openai’s Chatgpt, Anthropic’s Claude, along with art platforms like Midjourney, pushed the technology further.
These platforms can comprehend and respond to a vast array of text inputs, from simple queries to complex requests. Drawing a parallel to cryptocurrency mining, these AI models encompass billions of parameters, all needing training on expansive datasets.
The enormity of training these models demands computational power that CPUs can’t handle. Therefore, GPUs step in, parallelizing computations to provide the necessary throughput for large language models (LLMs).
On Tuesday, Iris Energy, listed on Nasdaq as IREN, shared that their bitcoin mining efforts will now also channel computational power toward generative AI. Iris shared that it snapped up 248 Nvidia H100 GPUs for $10 million, eyeing a strategic entry into the burgeoning industry.
“Leveraging our next-generation data centers into generative AI is an exciting opportunity, particularly given current industry shortages in rack space and compute,” Daniel Roberts, the co-founder and co-CEO of Iris Energy stated.
Roberts added:
We believe demand for sustainable computing is unlikely to go away, and feel we are uniquely positioned to capture ongoing growth in the broader industry; whether that be ASICs for bitcoin mining, or GPUs for generative AI and beyond.
Iris further mentioned its intentions to showcase its novel abilities to potential clients. This announcement comes as Nvidia H100s are reportedly selling like “hotcakes” this month. Reports have also highlighted that Nvidia is reaping an astounding 823% profit from H100 sales. While bitcoin mining continues to be their primary focus, Iris views generative AI as an “additional opportunity.”
“Having spent my career building, designing, and operating Tier 2-4 data center facilities, I believe Iris Energy is uniquely positioned to capitalize on the generative AI opportunity,” the company’s CTO, Denis Skrinnikoff stated.
What do you think about Iris Energy expanding into AI and purchasing 248 Nvidia H100s? Share your thoughts and opinions about this subject in the comments section below.
Binance Labs, the venture capital and incubation arm of Binance, is committed to helping Web3 startups achieve success by closing the gap between mentorship and funding. They do this by leveraging technical know-how from the Binance ecosystem and offering incubation programs to early-stage startups. Recognizing that the strength of the Web3 industry lies in its community, Binance Labs has announced ColLabs by Binance Labs, an invite-only Web3 investment and financing community for founders, builders, and investors.
ColLabs by Binance Labs aims to foster connections within the Web3 venture capital (VC) community and serve as a knowledge exchange hub. The community is designed to facilitate the sharing of insights and investment opportunities sourced from the Binance Labs team and our portfolio companies.
What You Can Expect from ColLabs by Binance Labs
Member-Only Access: Unlock exclusive content, event invites, and select curricula from our incubation programs.
Make Connections That Count: Open your gateway to VCs and institutional investors.
Insights From Insiders: Benefit from knowledge-sharing directly from the Binance Labs Investment and Research team.
Channel for Co-Creation: As a startup or portfolio company, use ColLabs as your platform for co-creation.
Get Involved With the ColLabs Community
ColLabs by Binance Labs offers more than just a community channel – it combines a public blog, a newsletter, and an invite-only Telegram channel with a regular flow of content. You can apply to ColLabs by Binance Labs through this form.
About Binance Labs
As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $9 billion. Its portfolio covers 200 projects from over 25 countries across six continents and has a return on investment rate of over 10X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on Twitter.
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
Bitcoin edged lower once again on Thursday, as traders continued to capture profits following gains on Tuesday. The latest drop followed data revealing U.S. gross domestic product growth in the second quarter that undershot expectations. Ethereum likewise declined, dipping under $1,700.
Bitcoin
Bitcoin was in the red for a second consecutive session, as a mixture of profit-taking and general bearish sentiment impacted price.
Following a peak of $27,490.77 on hump day, BTC/USD dropped to an intraday low of $27,069.21 earlier today.
The sell-off comes a few days removed from bitcoin moving above $28,000, following Grayscale’s court win against the Securities and Exchanges Commission (SEC).
On a technical note, the decline coincided with the 14-day relative strength index (RSI) failing to move beyond its ceiling at 53.00.
As of writing this, the index is now tracking at a reading of 47.50, with the next visible floor at the 43.00 level.
Should momentum push price strength to this point, there is a good chance that the price will drop below $27,000.
Ethereum
Additionally, ethereum (ETH) was back in the red on Thursday, with price falling below the $1,700 level.
ETH/USD dropped to the bottom of $1,697.15 earlier in the day, which comes following a high of $1,721.62 the day prior.
Like with bitcoin, the decline appears to be a result of profit-taking, after ethereum surged to a multi-week high on Tuesday.
In order for bulls to maintain the momentum from earlier in the week, a breakout will need to occur at the 49.00 level on the RSI.
Price strength is now tracking at 45.65, with price back above $1,700.
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Will momentum continue to climb in the coming days? Leave your thoughts in the comments below.
According to Edward Hong, the chief platform officer (CPO) at the early-stage venture firm Hashed, South Korea’s decision to delay putting in place a comprehensive crypto regulatory framework seems to be more of a strategic move rather than hesitation. Hong insisted that the perceived delay helps to ensure that South Korea’s regulatory regime will be in sync with any internationally agreed framework.
Korea’s Position at the ‘Forefront of Global Technology Adoption’
Hong also told Bitcoin.com News that when South Korea’s crypto regulatory framework is in sync with those of its peers, this may make it possible for the Asian country to foster a “more standardized and interoperable landscape for crypto assets.” When asked about how South Korea has made itself one of the world’s leading cryptocurrency markets, the CPO suggested that this may have something to do with the country’s position “at the forefront of global technology adoption.”
Regarding the prospect of Korea becoming successful in the crypto space just as it has done with everything else, Hong said this may be possible if both industry leaders and the government increase efforts to educate people.
Meanwhile, Brian Kang, a co-founder at Factblock, which is organizing the Korea Blockchain Week (KBW) along with Hashed, told Bitcoin.com News that this year’s event will prioritize blockchain and Web3 education. Kang added that the event, which is set to be held in the first week of September, will highlight to the world the “technology’s transformative potential in addressing challenges across various industries”.
Below are both Edward Hong and Brian Kang’s respective answers to questions sent to them via Telegram.
Bitcoin.com News (BCN): According to a recent report by CCData, Korean crypto exchange Upbit saw its trading volumes jump by 42% jump in July which makes it one of the world’s largest crypto exchanges. Moreover, the Korean won (KRW) is now the second-most traded fiat currency against bitcoin (BTC) after the U.S. dollar, according to Coinhills. Can you explain to our readers how Korea came to have such a high awareness of and interest in crypto?
Edward Hong (EH): Korea is positioned at the forefront of global technology adoption. Since the turn of the millennium, coinciding with the rapid expansion of internet usage, the Web 2.0 industry has witnessed an unparalleled surge in growth in the country. This eventually led Koreans to promptly adopt innovative technologies such as blockchain and cryptocurrency. This progress has provided the foundational context for Korea’s rise to one of the world’s most active crypto markets
BCN: The Korean government appears to have prioritized investor protection with the Virtual Asset User Protection Act. Could this new act stifle innovation in the crypto space? Also, do you think regulators have tried to balance investor protection and the need for crypto innovation?
EH: Indeed, the lack of global consensus on a unified regulatory framework for cryptoassets is a significant factor contributing to South Korea’s cautious approach in delaying comprehensive industry-wide regulations. While adopting anti-money laundering (AML) requirements based on the Financial Action Task Force (FATF) recommendations is a crucial step, the approach acknowledges the challenge of achieving universally harmonized legislation in an industry that transcends borders.
South Korea’s decision to delay a comprehensive regulatory framework appears strategic rather than hesitant. It acknowledges the complexity of achieving international consistency in provisions and definitions. By awaiting greater global alignment, South Korea aims to ensure that its regulatory framework effectively fits within the broader international context, promoting a more standardized and interoperable landscape for crypto assets.
There is much anticipation surrounding South Korea’s evolving approach to crypto regulation, reflecting a forward-looking stance and an environment poised for positive developments in the crypto industry.
BCN: Factblock has been organizing Korea Blockchain Week (KBW), one of the biggest crypto events in Asia, with the co-host Hashed for years. Can you tell our readers how this started and your journey so far?
Brian Kang (BK): In 2017, Factblock, a prominent Web3 community builder in South Korea, first introduced KBW to Hashed. Hashed embraced KBW’s vision of establishing Korea as a central hub for the blockchain and Web3 industries. This shared vision prompted Factblock and Hashed to jointly decide to co-host KBW and collaborate to realize these aspirations. KBW’s primary emphasis lies in education about blockchain and Web3, as well as highlighting the technology’s transformative potential in addressing challenges across various industries.
As the blockchain/Web3 ecosystem continues to witness the emergence of numerous projects, it becomes evident that additional efforts are necessary to enhance the familiarity and accessibility of these projects to the broader public — this is a goal that KBW aims to accomplish for the industry. Aligned with this understanding, KBW maintains its commitment to fostering an environment that accelerates the widespread adoption of Web3 technologies.
BCN: This year’s KBW is scheduled to start in the first week of September. Besides the usual panel discussions or side events, how can international builders coming to Korea get maximum exposure to the local crypto ecosystem?
BK: KBW 2023 has an extensive lineup of events planned, featuring not only the main event ‘IMPACT’ but also over 100 side events during the entire week including hackathons and other events tailored for builders and founders. KBW also has curated a series of networking events where participants from across the globe will have the privilege of engaging, forging valuable relationships, and identifying business opportunities.
BCN: Korea has established itself as a global leader in electronics, automobiles, shipbuilding, and many other countries. In your opinion, what are some of the biggest challenges that impede the country’s attempt to replicate the same level of success in the crypto industry?
EH: The foremost challenge revolves around the regulations and policies governing the blockchain and Web3 industries. The absence of comprehensive guidelines necessary for industry growth has led to a sense of ambiguity for builders venturing into the Web3 space. However, it’s worth noting that this challenge is not unique to Korea; similar circumstances seem to prevail in other nations as well. Furthermore, the critical requirement is the easy accessibility and comprehensive education of blockchain technology and Web3.
Many individuals still find the technology challenging to understand and grasp. To address this, increased efforts from both industry leaders and the government to educate people are imperative. By doing so, the Web3 industry could experience unprecedented growth opportunities in the future.
BCN: Amid the so-called Operation Choke Point 2.0 in the US, many builders and developers are looking at countries that have a combination of regulatory clarity and a thriving ecosystem. In your view, why should they consider setting up a base in Korea particularly when Hong Kong, Japan, and Singapore are also going the extra mile to attract companies and talent?
EH: As mentioned in the previous question, it is evident that Korea is at the forefront of adopting new technologies. Notably, Korea has surpassed Japan, Hong Kong, and Singapore in generating a greater number of unicorns according to Statista in 2022. This distinction can be attributed to Korea’s robust technological infrastructure and notably high internet penetration rate. These factors have cultivated an abundant talent pool of skilled engineers who have already created numerous blockchain-based projects in the country.
What are your thoughts on this interview? Let us know what you think in the comments section below.
An Analysis Into GoMining’s New NFT, and their Tokenomics
Bitcoin mining company, GoMining, has changed the way we think about bitcoin mining with their GoMining NFTs, giving holders a share of ownership in their mining operations. With over 2,000 BTC paid out over the last two years, GoMining is proving their thesis that bitcoin mining can be easy and accessible for everyone.
With brand ambassadors like Khabib Nurmagomedov and the project’s avid participation in the Bitcoin Mining Council, GoMining understands the importance of the cryptocurrency industry and the role of their bitcoin mining operations within it.
GoMining recently launched a major update to their tokenomics for the GoMining token. The new system has several implications for token and GoMining NFT holders. So let’s dive into what exactly GoMining offers crypto users and their tokenomics system, breaking down the token’s life cycle and distribution.
What is GoMining?
In its truest essence, GoMining is a bitcoin mining company that provides investment vehicles and settlement layers for crypto investors to invest in bitcoin mining and earn returns in BTC without the hassle of operating their own mining equipment. This fundamental revenue stream is the foundation for GoMining’s ecosystem.
The project is able to offer “virtual” bitcoin mining through their GoMining NFT, which is a digital asset that represents a share of hashrate, otherwise understood as computing power. The more computing power you own of GoMining’s servers, the higher the share of mined BTC you get.
GoMining considers the GoMining NFT a new class of digital asset: Liquid Bitcoin Hashrate.
Liquid Bitcoin Hashrate Explained
Liquid Bitcoin Hashrate (LBH) is a new token concept pioneered by GoMining, that is designed to be a way that mining companies can tokenize bitcoin mining computing power.
LBH tokens are similar to staked Ethereum (stETH) in that they can be traded, used as collateral, and used in DeFi protocols. However, there is one key difference. Whereas stETH is a representation of staked Ethereum in a larger pool, LBH tokens represent a real-world asset, namely hashrate, and represent a tangible value of computing power.
The introduction of LBH tokens could have a number of benefits for the DeFi ecosystem. First, it has the potential to create access to bitcoin mining for a wider range of users. Second, like stETH did for ETH, LBH could help to increase the liquidity of Bitcoin, as LBH tokens can be traded on decentralized exchanges. Third, it could help to reduce the energy consumption of bitcoin mining, as users can choose to mine with more efficient mining companies.
Overall, Liquid Bitcoin Hashrate is a new and innovative concept that has the potential to make bitcoin mining more accessible, liquid, and efficient. It’s because of the GoMining NFT that we have a true proof-of-concept for LBH.
The GoMining NFT
GoMining NFTs are digital assets that represent ownership of a part of GoMining’s operation. Specifically, each NFT represents ownership of real-life hashrate, otherwise understood as the computing power for bitcoin mining.
Each NFT has two fundamental traits: their hash power and their electrical efficiency. The more hash power, the more Bitcoin earned. The more electrical efficiency, the cheaper the mining fees are.
Hash power is measured in terahashes per second (TH/s), and electrical efficiency is measured in watts per terahash.
GoMining NFTs earn BTC every day depending on the total Bitcoin mined by GoMining, the hashrate of the NFT, and the mining fees incurred.
Breaking Down the GoMining Token Life Cycle
GoMining’s token update introduces new fundamentals that work to simultaneously increase the token demand, and decrease the token supply over time.
It’s a lot to understand at once, so let’s break it down part by part.
Bitcoin: Where It All Begins
Let’s start with the most fundamental part of the project’s business model — the bitcoin mining process. Basically, the Service Providers send mined BTC to GoMining NFT holders.
Service Providers are simply the miners, the people that go to work at GoMining’s data centers, where they monitor and maintain the bitcoin mining operation.
When GoMining NFT owners receive their distributed BTC, they incur electricity and maintenance fees, just like any mining equipment might. However there are a few differences between GoMining NFT holders and someone with their own mining equipment:
GoMining NFT holders don’t actually maintain any mining equipment;
The project’s economies of scale make for cheaper electricity rates;
The company lets users pay for fees with their earned BTC;
GoMining lets users get a 10% discount on fees if they pay with GoMining token.
Breaking Down GoMining’s Service Provider Fees
GoMining has been able to lower the cost of electricity across their operations, allowing the servers to obtain more hash power for less. As it currently stands, GoMining has been able to lower their costs to $0.03 per kWh, which is cheaper than electricity rates in the United States, currently averaging at $0.13/kWh.
What GoMining does to maintain sustainable growth is that they then sell the electrical costs at a premium to GoMining NFT owners at $0.05 per kWh. This way, Service Providers can earn on the usage of their electricity.
Enter the GoMining Token
GoMining gives their NFT holders the opportunity to discount 10% of their fees by paying with the GoMining token, effectively creating an electricity rate of $0.045 per kWh.
By utilizing GoMining token as a form of payment for fees, GoMining effectively designed a new demand flow for GoMining token purchases within their ecosystem. This is what is considered a form of demand-side tokenomics, which focuses on generating buying pressure through capturing value. GoMining token is capturing the cost of electricity for the GoMining operation.
Enter the Burn & Mint Cycle
Here’s where things get interesting. All tokens that are used to pay fees go through a “Burn and Mint” process. The key formula to determine how much GoMining token to burn is m*X, where m<1. X represents the total amount of tokens paid for fees, and m represents the “mint coefficient,” which determines the portion of X that is reintroduced into circulation.
Simply put, GoMining’s Burn & Mint is a key mechanism to tighten GoMining token supply over time. By burning more tokens than what is reintroduced back into GoMining’s circulation, the company designed a mechanism that will inevitably decrease token circulating supply.
Combine that with the GoMining token’s demand-side discount fee model, and we can start to envision the spinning flywheel that is GoMining’s tokenomics.
Using the m*X function, we can explore what a decreased GOMINING supply might look like over a series of epochs, each epoch per every 10 million GOMINING burned. The exact value of m is determined through governance, but currently, it stands at m = 0.8.
Where Does the New GOMINING Go?
The newly minted GoMining tokens are dispersed across the Service Providers, the veGOMINING contract, GoMining’s NFT Marketing, and the GoMining team.
The GoMining token distribution is broken down as such:
Service Providers — 65%: Payment for electricity fees and maintenance costs to run the mining servers;
veGOMINING Contract — 20%: Weekly rewards for veGOMINING vote holders;
NFT Marketing — 10%: Coverage for maintenance discounts, bonuses, referral program, and round multipliers. If any GoMining token remains, voters can distribute extra token to NFT holders;
GoMining Team — 5%: Royalties to the GoMining team for development.
GoMining Service Provider Fee Breakdown
Service Providers continue to afford the electrical costs because of two reasons. The first reason is that, according to GoMining’s contract data on NFT holders’ payments, around 30% of fees are paid directly in BTC. The other 70% are NFT holders that get the 10% discount on fees by paying with GoMining token. Remember, Service Providers are making between $0.015–$0.02 per kWh they spend thanks to the premium GoMining charges, allowing them to stay afloat, even if the circulation of the token is decreasing each epoch.
veGOMINING Contract Breakdown
GoMining will distribute 20% of newly minted tokens to its stakers. Like other ve token models, the staking and locking mechanism will tighten the supply of tokens available by encouraging token holders to lock their tokens for more tokens promised later.
NFT Marketing Breakdown
Some 10% of GoMining tokens is used for NFT promotions, specifically to cover for maintenance discounts, bonuses, earnings from referral programs, and round multipliers. Any extra tokens that remain are then offered to GoMining NFT holders.
veGOMINING token holders determine the distribution of these GoMining rewards through their governance process.
GoMining’s Governance Process
Users that lock their GoMining tokens in the vote-escrow contract will receive voting power to engage in governance processes regarding GoMining rewards distribution, and staking yield in the form of GoMining emissions. It is only through locking tokens that users can access voting power or staking emissions.
GoMining token stakers have a choice between locking their tokens from 7 days to 4 years, with voting power and staking yield increasing linearly as the lock time increases.
Lock a token for four years, and the ratio for veGOMINING/GoMining is 1/1. Lock a token for one year, and the ratio for veGOMINING/GoMining is 1/4.
1 GoMining for four years = 1 veGOMINING
1 GoMining for one year = 0.25 veGOMINING
Conclusion
Overall, GoMining is a leading player in the bitcoin mining industry. Their innovative approach to bitcoin mining and their unique tokenomics have the potential to change the way we mine Bitcoin for the better.
GoMining’s tokenomics are designed to increase the demand for GoMining tokens and decrease the supply over time. Through demand-side discount fees, to the Burn and Mint cycle, to veGOMINING governance, GoMining is building the best ecosystem for easy and accessible bitcoin mining for everyone.
Utah-based Nodal Power, which specializes in turning landfill gas into energy for powering bitcoin (BTC) mining hubs, recently announced a successful $13 million seed round backed by strategic investors. Bryan Black, Nodal’s CEO, stressed the technology’s “potential to make a significant impact on local energy markets.”
Nodal Power Raises $13M to Convert Landfill Gas to Bitcoin Mining Energy; Eyes Local Market Impact
Nodal Power, a company that converts landfill gas into energy for Bitcoin mining centers, has secured $13 million in seed funding. This technology reduces methane gas emissions from landfills and uses that energy for mining. Nodal combusts the methane, typically flared or vented, with a generator. The resulting electricity is then provided to local utilities and BTC mining operations.
Nodal says a significant portion of the funding has been invested in building and operating two power plants in the United States. The first, in the Southeast, uses landfill gas to provide electricity to the nearby utility. It also features a bitcoin data center, promoting an economic balance between the bitcoin mine and the utility.
The company explained that the second plant, in the Mountain West, leads in creating a fully sustainable off-grid data center powered only by landfill gas. Plans are underway to invest additional funds in a third U.S. location by early 2024. All these facilities generate green electricity from methane, produced from organic waste decomposition in landfills.
“We’ve developed solutions, specifically for smaller landfills, that allow us to bring these overlooked resources to market,” CEO Bryan Black explained during the announcement. “Our technology and energy-first approach have the potential to make a significant impact on local energy markets.”
Using flared or vented gas for Bitcoin mining isn’t new. Companies such as Crusoe Energy, Vespene Energy, EZ Blockchain, and Alkane Midstream offer similar services. Publicly traded energy company Equinor reportedly used gas flaring for Bitcoin mining in North Dakota. YPF Luz, an Argentine oil subsidiary, powered bitcoin mining with residual gas.
What do you think about Nodal Power raising $13 million from investors in a seed round? What do you think about landfill gas conversion to bitcoin mining? Share your thoughts and opinions about this subject in the comments section below.
Following Paypal’s declaration about the introduction of a fresh stablecoin, the smart contract address has revealed that the quantity of PYUSD stood at approximately 26.9 million. In the subsequent 22 days, the supply of PYUSD has risen by over 60%, now totaling 43.3 million.
Paypal’s Stablecoin Supply Surged by 60%, but the Dollar-Pegged Token Is Nowhere Near Today’s Stablecoin Giants
Paypal’s stablecoin has experienced a growth of more than 60% in its supply in under a month’s time. At present, there are 43.3 million PYUSD in existence, and approximately 346 distinct addresses hold PYUSD.
Despite the supply increase, the coin has only recorded a scant total of 1,462 transfers since its launch. Moreover, the Paxos-operated contract address holds 34.99 million PYUSD, approximately 80.8277% of the overall supply.
Paxos’ Treasury address ranks second-largest, containing 8.7797% of the supply or 3.8 million PYUSD. The third-largest PYUSD holding belongs to Crypto.com, with 2.79 million PYUSD, and the fourth-largest wallet also belongs to Crypto.com, controlling 1,101,601 PYUSD.
The fifth-largest PYUSD address, containing 500,005 tokens, lacks a label but is associated with a Kraken deposit address. The sixth-largest wallet is a Uniswap wallet, securing 47,722 PYUSD.
A substantial portion of the PYUSD cache rests with Paypal and essentially Paxos, alongside exchanges and market makers. The top 100 holders still collectively possess 99.99% of the entire PYUSD supply.
The PYUSD supply is notably small compared to today’s stablecoin giants, securing the 24th spot among the top 50 stablecoins. Other stablecoins with similar-sized market valuations include magic internet money (MIM) and bob (BOB), both boasting $49 million in market capitalization.
When contrasted with the dominant stablecoin tether (USDT), PYUSD makes up a mere 0.052% of USDT’s $82 billion market capitalization. When evaluating the $26.12 billion valuation of USDC, PYUSD accounts for a modest 0.16% portion of USDC’s comprehensive net valuation.
In recent weeks, the Paypal stablecoin has experienced growth. However, it falls considerably short of matching the scale, engagement, and trading levels set by numerous leading stablecoins.
Although the brand recognition and foundation provided by the payments giant offer some advantages, there is still a considerable journey ahead for PYUSD to emerge as a prominent player among stablecoins.
What do you think about Paypal’s stablecoin and its activity over the past few weeks? Share your thoughts and opinions about this subject in the comments section below.
In a recent report released on Tuesday, undisclosed sources detailed that the firm behind the top stablecoin in market cap, tether (USDT), is now banking with Britannia Bank & Trust. In the past month, tether’s supply has dipped by 1.3%, leaving 82.85 billion USDT in circulation.
Undisclosed Sources Say Tether Is Working With a Privately Held Bahamas-Based Bank
On August 29, Bloomberg journalists Yueqi Yang and Olga Kharif spotlighted Tether’s new partnership with the privately held Bahamas-based Britannia Bank & Trust for its banking services. The timeline of when Tether teamed up with Britannia remains hazy, but insiders revealed that the stablecoin giant is guiding its clientele to transfer funds to the bank’s Bahamian account number.
This revelation surfaces amidst challenges cryptocurrency firms face in clinching banking affiliations within the U.S., especially after the monumental downfall of three major U.S. banks last March – one of the most significant financial tremors in the nation’s history. Yang and Kharif shared that both Tether and Britannia declined to comment on the matter. Currently, tether boasts a market cap slightly surpassing $82 billion, with recent data highlighting a 1.3% drop in its reservoir.
In the latest 24-hour snapshot, USDT dominated the crypto trading scene, amassing an impressive $40.18 billion in global trade volume out of the $72.42 billion aggregate. This update is hot on the heels of Tether’s announcement to cease support for three blockchains: Omni Layer, Bitcoin Cash, and Kusama.
What do you think about Tether using a new banking partner? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin cash (BCH) was one of Wednesday’s biggest gainers, as markets remained jubilant following the Grayscale court ruling. Following a recent streak of consolidation, the global crypto market cap rose by as much as 4% on the news. toncoin (TON) also surged, climbing nearly 16% higher.
Bitcoin cash (BCH) was a notable gainer on Wednesday, as the price was once again trading above the $200 level. BCH/USD peaked at $227.03 late on Tuesday’s session, following a low at $192.77 earlier in the day.
The move saw the price breakout out of a resistance level of $225.00, hitting a two-week high in the process.
As of writing this, earlier gains have since eased, with the cryptocurrency once again trading below the aforementioned ceiling.
This came as the 14-day relative strength index (RSI) collided with its own resistance level at 60.00. In the event bulls manage to orchestrate a breakout, BCH will likely be above $240.00.
Toncoin (TON)
For a second straight session, toncoin (TON) surged considerably higher, with today’s gains seeing a price jump of over 12%.
Following a low of $1.52 on Tuesday, TON/USD rallied to an intraday peak of $1.75 earlier in today’s session. This resulted in the cryptocurrency climbing to its highest point since June 5, when the price was at $1.77.
After peaking at 70.41 less than 24 hours ago, price strength is now tracking at a reading of 75.38.
Many now expect an upcoming reversal, due to TON being highly overbought, as a result of this recent bull run.
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Will a price reversal occur in the coming days? Let us know your thoughts in the comments.
In the rapidly evolving world of cryptocurrencies, stablecoins have emerged as a beacon of stability amidst the volatility of digital assets like Bitcoin and Ethereum. Stablecoins are digital currencies anchored to a diversified asset, such as fiat currency or different commodities like gold. One of the most promising developments in the stablecoin market is the unique Edelcoin.
Edelcoin: A Unique Stablecoin
EnterEdelcoin, a stablecoin backed by a basket of precious and base metals which are used across various industries, including medicine, medical research, electronics, aerospace, military, energy, telecommunications, and navigation. These metals include Copper Isotope, Nickel Wire (NP1, NP2), and Caesium 133, each with unique applications and supply circumstances.
Benefits of Edelcoin
Edelcoin is backed by these metals, offering benefits such as low volatility due to the real nature of the underlying assets. The basket nature of the underlying metals further reinforces the low volatility of Edelcoin.
However, it is essential to note that past price development is not a guide for future price developments.
Here are a few use cases for the metals backing up each EDLC.
Applications of the Backing Metals
Copper Isotopes: Copper isotopes, notably Copper-63 and Copper-65, are widely used in medicine, biochemistry, and as tracers in chemical and physical experiments. They are also essential in the production of radiopharmaceuticals and for diagnostic procedures in nuclear medicine. The supply of these isotopes involves intricate and costly extraction and purification processes.
Nickel Wire (NP1, NP2): High-purity NP1 and NP2 grade Nickel wire is extensively used in electronics, aerospace, and energy industries due to its high melting point, resistance to oxidation and corrosion, and exceptional thermal and electrical properties. Geopolitical risks characterize the supply of this metal.
Caesium 133: Caesium 133 is primarily used in atomic clocks, the most accurate time and frequency standards known. Its applications also extend to telecommunication and global navigation satellite systems. The supply of this metal is characterized by its scarcity, as it is one of the rarest elements on Earth.
Vision
Edelcoin is built for now, and the future, and it is reflected in its vision.
The vision of Edelcoin revolves around the sustainable utilization of the Wealth of the Earth, leveraging the power of blockchain technology. Throughout history, the means of exchanging value as a form of payment have undergone multiple transformations. It is now time for another paradigm shift that combines the best elements of the past and the future, offering a stable, reliable, and cost-effective alternative to existing payment methods and stablecoins.
Edelcoin’s vision is to bridge the gap between the traditional financial sector and the decentralized financial world. By harnessing the advantages and expertise of the old world and the innovation and growth potential of new technologies, we aim to enhance security and restore trust in the market.
Mission of Edelcoin
Edelcoins’ mission is to bring back a stable, asset-backed means of payment and store of value as a digital instrument with the opportunities of DeFi.
The mission is centered around sustainable value creation across the entire lifecycle. It aims to establish and reintroduce a stable payment method backed by real-world assets. Through tokenizing commodities, EDLC unlocks unprecedented possibilities for revolutionary use cases within the decentralized finance world.
Edelcoin is committed to pursuing its mission within a regulatory-compliant Swiss framework, setting new standards for corporate governance in the future of the decentralized economy. The goal is to position Edelcoin as the leading stable payment token and become the industry benchmark.
Whitepaper of Edelcoin
TheEdelcoin whitepaperis a testament to the project’s commitment to transparency, innovation, and the sustainable use of Earth’s resources. It meticulously outlines the technical and economic foundations of the Edelverse. At its core, the whitepaper emphasizes the importance of a stablecoin backed by valuable assets, ensuring that each Edelcoin is over-collateralized by 25%. This approach not only guarantees the coin’s stability but also its resilience against economic downturns. The whitepaper further delves into the tokenization process and the rigorous KYC and AML checks in Switzerland for metal owners wishing to tokenize them. With a clear roadmap, the whitepaper paints a promising picture of Edelcoin’s future, positioning it as a frontrunner in the next generation of stablecoins. The document is a must-read for anyone keen on understanding the intricacies of a metal-backed digital currency and the future it envisions for the decentralized economy.
Advantages of Edelcoin
Stability: A stablecoin backed by a basket of precious and base metals like Edelcoin are less susceptible to inflation and economic downturns than fiat-backed stablecoins. Precious metals have historically held their value over time, making them a reliable store of wealth.
Transparency: Edelcoin provides transparent collateral peace of mind. The collateral pre-exists the minting of the coins, is not invested, and is held in certified high-security custodians. Each coin is associated with an identifiable fraction of the certified and disclosed collateral of the basket.
Diversification: Edelcoin is backed by a basket of precious and base metals, providing a diversified and balanced mix that mitigates price volatility.
Potential for Appreciation: The value of Edelcoin is driven by the value of the collateral, which may appreciate over time due to the growing demand for those metals in various industries.
Contribution to Eco-Friendly Initiatives: By using Edelcoin, users contribute to eco-friendly and more efficient mining (nano-mining) procedures and charitable initiatives through the contribution of the tokenization proceeds.
Edelverse
Edelcoin is being adopted in the marketplace. Use cases as payment tokens are numerous and may include adoption in wallets for peer-to-peer transactions, embedding in lending protocols, but also acceptance as a means of payment in goods and services transactions – very much as numerous stores worldwide accept bitcoin as a means of payment. We are happy to see that Edelcoin can serve as a means of payment to buy gold and silver coins at our partner boutique.
Edelcoin’s Milestone
Edelcoin has recently minted its first batch of 5.5 billion tokens, marking a significant milestone in its journey to provide a superior stablecoin for the crypto market. For the ease of users, it’s important to note that 1 EDLC was set equivalent to 1 USD for the launch. With its unique backing of precious and base metals, Edelcoin offers a stable and secure alternative for users looking for a reliable digital currency.
Edelcoin FAQ Highlights
Edelcoin is a unique stablecoin backed by a basket of precious and base metals.
Owning Edelcoins means you co-own the metals backing them.
Its value is tied to the value of its metal reserves. Historically, these metals have shown low volatility compared to fiat currencies.
Edelcoin is well-suited for trading crypto assets on the blockchain.
Coins are minted following the tokenization of existing metal reserves. Edelcoin AG subjects metal owners wishing to tokenize these metals to rigorous KYC and AML checks in Switzerland.
EDLC serves as both a means of payment and a store of value.
Edelcoin is minted in Switzerland by Edelcoin AG.
Edelcoin AG is fully compliant with Swiss legislation. It is a member of the FINMA-recognised Self Regulatory Organisation “VQF” for ensuring compliance with AML and CTF legislation.
Listings on Exchanges
Edelcoin is currently listed on cryptocurrency exchanges, such asxt.comandprobit.com, making it easily accessible for trading and investment. More exchanges are coming in the near future.
The Future of Metal-Backed Stablecoins
The advantages of metal-backed stablecoins are numerous and have been recognized by experts in the field. These stablecoins are considered the future of crypto stablecoins for several reasons, including inherent value, hedge against inflation, global acceptance, transparency, accountability, and diversification.
Conclusion
Edelcoinrepresents a significant advancement in the world of stablecoins, offering a unique and innovative approach to digital currency backed by a basket of precious and base metals.
Its low volatility, transparency, diversification, potential for appreciation, and contribution to eco-friendly initiatives make it an attractive option for users seeking a reliable digital currency. As the demand for stablecoins continues to grow, Edelcoin is well-positioned to become a leading player in the stablecoin market. Its recent milestone of minting 5.5 billion tokens and its listings on cryptocurrency exchanges like xt.com and probit.com further solidify its presence in the crypto market. With its unique backing, regulatory compliance, and commitment to transparency, Edelcoin is poised to revolutionize the stablecoin landscape and provide a trusted and innovative solution for the crypto community.
Cryptocurrency exchanges Bybit and Okx have discontinued support for payment cards issued by sanctioned banks from Russia. The moves follow in the footsteps of Binance, the world’s largest exchange for digital assets, which recently removed such cards from its peer-to-peer (P2P) platform.
Bybit and Okx Stop Operations With Sanctioned Russian Banks
Bybit and Okx, two of the top crypto spot exchanges according to data from Coinmarketcap, will no longer process transactions involving certain Russian banking institutions placed under Western sanctions, the crypto news outlet of the Russian business portal RBC reported.
On Okx’s P2P platform, the cards of Russia’s largest state-owned bank, Sberbank, largest private bank, Alfa-Bank, and the neobank Tinkoff, a major issuer of payment cards, have become unavailable among the offered payment options.
Russian users can still buy and sell coins for rubles on Okx through a bank transfer, using cards from the Russian banks Post Bank, Promsvyazbank (PSB), Raiffeisenbank, Russian Standard Bank, and Unicredit as well as through Russia’s Faster Payments System (SBP). Crypto purchases can be made also through the payment services Payeer, Paysera, Revolut, Skrill, Webmoney, Wise, Qiwi, and Yumoney among others.
On the P2P platform of the Dubai-based crypto exchange Bybit, Sberbank and Tinkoff have not been removed yet from the list of supported payment methods, but transactions using their bank cards cannot be carried out anymore, the report noted.
The news comes after , the world’s largest crypto exchange by trading volume, delisted sanctioned Russian banks from the payment methods supported by its P2P platform. It did this after a media report alleged that the exchange helps Russians move money abroad despite stating last year that it abides by sanctions imposed on Russia over the war in Ukraine.
Starting from Aug. 29, Okx also removed the option for Russian customers to make P2P transactions with the Russian ruble. “Users in Russia still have the option to trade other currencies. We understand that this may affect your trading preferences and we apologize for any inconvenience,” the exchange said in a statement posted on its Telegram channel.
In June, Okx limited some services for Russian residents, explaining its decision with the need to quickly respond to “market demands and regulatory requirements.” However, in August, the Seychelles-headquartered company restored access to its crypto trading website for Russian users.
Do you expect other major crypto exchanges to impose similar restrictions on Russian banks and users? Tell us in the comments section below.
The U.S. Department of Justice filed a motion on Monday seeking to bar all seven of Sam Bankman-Fried’s proposed expert witnesses from testifying in the former FTX CEO’s upcoming fraud trial. Federal prosecutors cited issues with the witnesses’ reliability and accused them of improperly offering opinions on Bankman-Fried’s state of mind.
DOJ Seeks to Bar All Expert Witnesses in Former FTX CEO’s Fraud Trial
In the 39-page motion, the Department of Justice (DOJ) argued the witnesses’ opinions amounted to “an expert patina to inadmissible hearsay testimony about the defendant’s supposed lack of criminal knowledge or intent.” Prosecutors took issue with British barrister Lawrence Akka’s planned testimony interpreting FTX’s terms of service, saying it would confuse the jury and usurp the court’s role in instructing on the law.
The DOJ deemed Indiana University professor Bradley Smith’s proposed lecture on campaign finance laws unnecessary and irrelevant. The government also criticized the qualifications of financial services consultant Peter Vinella, noting his lack of crypto expertise. Further, prosecutors asserted that the expert disclosures for technologist Thomas Bishop and metadata specialist Brian Kim were deficient, providing only vague descriptions rather than specific opinions.
The DOJ contended that software engineer Joseph Pimbley’s testimony regarding problems with FTX’s internal systems was irrelevant. Stanford University professor Andrew Di Wu’s proposed cryptocurrency market overview was also deemed unnecessary, with prosecutors arguing fact witnesses could provide such background.
Overall, the DOJ motion argued that Sam Bankman-Fried‘s slate of experts would confuse jurors and offer testimony improperly aimed at suggesting the FTX founder lacked criminal intent. Prosecutors asked the court to preclude the witnesses or at minimum hold pre-trial Daubert hearings evaluating their expertise. Jury selection for Bankman-Fried’s trial on fraud and conspiracy charges is slated to begin in October.
What do you think about the DOJ’s argument to bar Bankman-Fried’s group of experts? Share your thoughts and opinions about this subject in the comments section below.
While Bitcoin’s recent downturn suggests volatile times ahead, underlying metrics suggest a market full of nuance, anticipation, and strong belief, the latest Bitfinex Alpha report says. About 40% of Bitcoin’s total supply has been inactive for more than three years — the highest ever for this measure, highlighting the top cryptocurrency’s strong base of holders.
The Bitfinex Alpha report shows a closer look at Bitcoin’s supply dynamics reveals compelling details. The one-year inactive supply, which means coins that have been dormant for at least a year, seems to mirror BTC’s price changes with remarkable accuracy, possibly acting as a gauge for volatility.
Before the sharp price drop on August 17, 2023, the one-year inactive supply decreased dramatically from 13.45 million to 13.32 million, possibly indicating the upcoming drop. However, a broader view tells a different story. Bitcoin’s metric for supply inactive for more than three years continues to rise, recently reaching a record high.
An examination of “Coin Days Destroyed” after the crash shows little activity from old coins, emphasizing holders’ commitment to waiting. Bitfinex researchers observed that these holders have been steadily amassing more coins over time.
“It’s clear that long-term bitcoin holders have been consistently accumulating,” Bitfinex’s researchers say. “Specifically, over a rolling 30-day period, this accumulation trend has been evident since March 2023. This behavior suggests a general feeling of optimism and potential resistance to market fluctuations.”
At the same time, Bitcoin miners continue their work, pushing the network difficulty to 55.62 trillion hashes in August — the highest ever. This computational power safeguards the network and rewards miners for their trust. Adding to this, Bitcoin’s hash rate surpassed 414 terahash per second (TH/s) in August, marking a 60% increase since January, the Alpha report points out.
Still, the report indicates that, by historical standards, volatility measures are subdued. Implied volatility has calmed since the August 17 drop, aligning with mild historical volatility. The one-year Bitcoin Velocity metric, which tracks onchain activity, dropped earlier this year, potentially signaling a pause. Though challenges may be on the horizon, underlying metrics reveal a diverse set of actions ready to influence its next phase.
“In conclusion, while holders from as far back as three years ago or more who have held their bitcoin throughout the bull market peak and bear market remain relatively resilient with their stack, ‘newer’ long-term holders who acquired their spot positions over the bear market are now ‘unsettled,’ but not in a state of panic,” the report concludes.
What do you think about the latest Bitfinex Alpha report? Share your thoughts and opinions about this subject in the comments section below.
A D.C. court has ruled in favor of Grayscale, the largest crypto asset manager, in its lawsuit challenging the U.S. Securities and Exchange Commission’s decision to deny the conversion of GBTC to a spot bitcoin exchange-traded fund (ETF). The securities regulator “failed to explain its different treatment of similar products,” said the Circuit judge presiding over the Grayscale-SEC case.
Court Sides With Grayscale Against SEC
The United States Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale Investments against the U.S. Securities and Exchange Commission on Tuesday regarding the company’s proposed bitcoin exchange-traded fund (ETF) conversion.
“The D.C. Circuit ruled 3-0 in favor of Grayscale and GBTC,” the crypto asset management firm wrote on the social media platform X. “This is a monumental step forward for all who have been advocating for bitcoin exposure through the added protections of the ETF wrapper.” Commenting on the court ruling, Grayscale CEO Michael Sonnenshein wrote:
The D.C. Circuit ruled in favor of Grayscale in our lawsuit challenging the SEC’s decision to deny GBTC’s conversion to an ETF!
Grayscale has been trying to convert its flagship bitcoin trust (GBTC) to a spot bitcoin ETF. However, the securities regulator has denied the crypto asset manager’s application. Grayscale subsequently filed a lawsuit challenging the Commission’s denial order.
So far, the SEC has not approved a spot bitcoin ETF even though the agency has greenlighted several bitcoin futures ETFs. A number of bitcoin ETF proposals have been filed with the regulator, including one by the world’s largest asset manager, Blackrock.
In its “petitioning for review of the Commission’s denial order,” Grayscale maintains that its proposed bitcoin ETF product “is materially similar to the bitcoin futures exchange-traded products and should have been approved to trade on NYSE Arca,” the court order shows.
Circuit Judge Neomi Rao, one of the three judges presiding over the Grayscale-SEC case, stated in the court order issued on Tuesday:
We agree. The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale’s petition and vacate the order.
What do you think about the Circuit Court siding with Grayscale against the SEC? Do you think the SEC will soon approve a spot bitcoin ETF? Let us know in the comments section below.
BNB surged this afternoon, as markets reacted to the news a court in the United States was siding with Grayscale in its case with the Securities and Exchange Commission (SEC). The court said the SEC was wrong to deny Grayscale permission to migrate its bitcoin product into an ETF. Toncoin also rallied, hitting its strongest point since June.
Since hitting a one-year low last week, BNB has mostly moved higher in recent days, with today’s surge coming after the latest U.S. consumer confidence report.
Following a low of $217.05 to start the week, BNB/USD moved to a peak of $233.06 earlier in today’s session.
This has resulted in the native token of cryptocurrency exchange Binance climbing to its highest point since August 16.
Tuesday’s gain came as the 14-day relative strength index (RSI) jumped beyond a key resistance level of 53.00.
As of writing, price strength is tracking marginally above this point at 54.13, with a ceiling at 55.00 awaiting.
Earlier gains have somewhat diminished, as traders liquidated their positions in fear of a reversal close to this zone.
Toncoin (TON)
Toncoin (TON) was another notable gainer on Tuesday, as it raced to its highest point in over two months.
TON/USD climbed to an intraday high at $1.63 earlier in today’s session, following a low of $1.49 on Monday.
As a result of this rise in price, toncoin has moved to its strongest level since June 10, when it peaked at $1.68.
This comes as the RSI jumped past a resistance level of 66.00. It currently tracking at 70.41.
Due to price strength being overbought, bears are likely going to be lurking, and waiting for an opportunity to reenter.
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Do you expect toncoin to extend gains in the coming days? Let us know your thoughts in the comments.
